Daily Market Technicals

EUR/USD looks to be hinting at a topside break to the daily triangle but bulls continue to look for a close above $1.3677 to confirm a break of the 200-DMA. This would shift overall focus back to the $1.3775 level although the 55 & 100-DMA’s may slow the move a little. Bears now need to see a close below the 21-DMA to ease the moderate bullish pressure that has emerged while below $1.3564 shifts initial focus back to the $1.3503-12 region

RES 4: $1.3708 55-DMA

RES 3: $1.3677 High June 6

RES 2: $1.3671 200-DMA

RES 1: $1.3651 High June 25

LPRICE: $1.3631

SUP 1: $1.3624 hourly support June 26

SUP 2: $1.3595 21-DMA

SUP 3: $1.3564 Low June 20

SUP 4: $1.3535 Low June 17

Following the break lower on Tuesday cable remained capped ahead of the $1.7006 hourly resistance from June 24 on Wednesday with bulls needing a close above this level to see the 2014 highs targeted once more. Daily studies are correcting from O/B levels and add weight to the bearish case but bears need to see a close below $1.6919 to hint at a deeper correction with a close below $1.6840 shifting immediate focus to the $1.6740-70 region.

USD/JPY is hinting at a downside break to with pressure remaining on the 200-DMA despite another bounce from below. Bears look for a close below Y101.61 to confirm a break of the 200-DMA and see focus shift to the Y100.75-82 region. Layers of resistance remain in the Y101.88-102.37 region with bulls needing a close above Y102.37 to confirm a topside break with overall focus then shifting to retests of the Y104.12 Apr monthly high.

The 200-DMA continues to cap the move higher with the EUR/JPY chopping around the 21-DMA which is capping today. Bulls continue to look for a close above the 200-DMA to ease the current bearish pressure and shift immediate focus to the Y139.91-140.42 region where 55 & 100-DMA’s are noted. While the 200-DMA caps immediate bearish focus remains on the Y137.72 June 16 low and overall focus on 2014 lows.

The recovery continues with the EUR/GBP now focused on the 21-DMA after having taken out the Gbp0.8025-32 resistance region by a pip on Wednesday. Initial support is noted on the hourlies at Gbp0.8020 but bears look for a close below the Gbp0.8004 level to reconfirm bearish focus and target fresh 2014 lows. Daily studies continue to correct from O/S with bulls needing to see a close above the 21-DMA to hint at a move back to the Gbp0.8180-00 region.